![]() The insured perils included in comprehensive and other policies include coverage for aircraft or vehicle impact, fire, lightning, theft and window breakage. ![]() If you live in a condo/strata or mobile home, you require customized insurance for your property type. If you want to save money and carry the financial risk of some losses yourself, consider a basic or named perils policy. This policy covers only those perils that are specifically stated. If a comprehensive policy costs more than you want to pay and a basic or named perils policy isn't suitable, a mid-priced compromise is the broad insurance policy. This policy provides comprehensive coverage on the big-ticket items, such as the building, as well as named perils coverage on the contents. Some insurers offer basic or no frills coverage for properties that don't meet normal insurance standards. If there are physical problems with your home that keep it from meeting the standards set by insurers, you may save money in the long run by correcting these problems to qualify for better coverage. Whether you own or rent your home, you can be held liable for bodily injury or property damage unintentionally caused to others. Your home insurance's personal liability portion provides coverage if such an event occurs on your property or anywhere in the world.įor example, if a visitor slips on a snow-covered walkway on your property and is injured, you may be held legally responsible. If you're found negligent, your personal liability coverage would cover the damages resulting from the injury up to the coverage limit. Liability coverage does not apply to injuries sustained by you or members of your household. In addition to the home coverage types described above, insurers may use trademarked product names to describe home insurance packages.If you closed your eyes right now, could you list off every single item in your home that you own? If you’re like most of us, you can't. Having a familiarity with your possessions is a way to help you keep track of your personal property and be organized. ![]() More importantly, having a home inventory will help you PROTECT your belongings. Most of us have items that are special to us, but when it comes to financial protection of your personal property, ALL items should be important. This is true regardless of whether you own a home or rent. Insurance companies like to see your personal property documented. Having some professional experience with insurance, I’ve seen several times where people don’t take the time to document the stuff they have and strikes, they have an accident and have to file a claim. TWO REASONS YOU SHOULD COMPLETE A HOME INVENTORY. It is much more challenging to try and track your items AFTER a loss. Do you think you can remember every item you own after a fire or theft? Under the best of circumstances, that would be a very challenging task. Most people seem to think tragedy will never befall them. Hopefully, they are right, but one never knows. Protecting your assets should be a proactive (not reactive) experience. ![]() This is the idea behind insurance-backup in case of an unfortunate “rainy day” experience. Taking inventory of your personal items can seem overwhelming. After all, who has time to list every household item, right? Imagine having to replace all of the items you use such as couches, jewelry, clothes, books, or dishes, and this may give you the motivation to carry out the process. If you are willing to devote some time now, it can save you in the long run.
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